Tuesday, March 30, 2010
One Law Firm Gives It A Go On Contingency-Fee Work
The leaders of the nation’s largest law firms didn’t get to where they are by happy accident. Not only have many of them spent years as successful lawyers and developed the work-the-room shmooziness of politicians and university presidents. They also spend every waking hour thinking about one thing: making their firms more profitable.
So our question to them is this: If profitability is your thing, why haven’t you taken a page from the books of Wiley Rein, Dickstein Shapiro and McKool Smith and at least dabbled in handling work for plaintiffs, work that can pay off big if you’re successful?
Sure, there are risks. Still, you’ve seen how it can go. In the early part of the aughts, Dickstein Shapiro brought home a bundle handling contingency fee work for plaintiffs in antitrust litigation. In 2006, Wiley Rein made silly money representing a company called NTP in patent litigation with RIM, the maker of the BlackBerry.
And that brings us to McKool Smith. In the last year, the law firm has brought home nearly $400 million for plaintiffs in two patent suits against one company — Microsoft. And it just filed the third. Click here for the story, from the Dallas Morning News.
In fact, in the last four years, McKool Smith’s contingency fees have exceeded $100 million, according to the story.
Name partner Mike McKool (pictured) admits that his firm follows a tricky business model — supplementing bill-by-the-hour defense work with risky plaintiff-side contingency fee work.
“It’s scary, but we’ve managed so far to meld a traditional hourly fee practice with blue chip clients like American Airlines, Medtronic, Exxon Mobil and still do a contingent-fee business,” said McKool to the Morning News.
In order to make it work, McKool’s got to pony up some of its own money. McKool says the firm “routinely” ponies up $10 million in unbillable work before it sees a dime back. Still, the strategy has paid off handsomely for McKool and Phil Smith, who launched the firm in 1991.
Sooooo, any takers on the strategy? We think it might work for a mid-sized litigation shop looking to boost their technology/IP work significantly. For one thing, those firms might be less likely to have clients that would make too much of a fuss if the firm started dabbling in plaintiff-side work. Bring over some hot-shot lateral-hires, lodge some complaints. Whaddya think?
Source: http://blogs.wsj.com/law/2010/03/29/a-dallas-firm-thats-very-mckool-on-contingency-fee-work/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Flaw%2Ffeed+%28WSJ.com%3A+Law+Blog%29&utm_content=Google+Reader
Subscribe to:
Post Comments (Atom)
For ancestors with little narrow face modest sized rims with light color have to do. Also for such face type designer sunglasses store in Miami proffers variety of rimless twos with abstemious shades. Metal watchbands: chanel replica bags and durabl. The firm quality of metal watchbands determines that they are suitable for the strong figures as well as strong fake rolex. The unique metal luster makes them the great decorations for fashion-lovers. Jewelry with diamond chains are chanel replica. Some of the jewelry with diamonds all over the archipelago includes necklace, diamond and anklet. Even watches for men and women can have diamonds on their chanel replica. There are six types of jewelry chains seed in the market. These chains are the box, flat, link, and handmade string, string archipelago, and diamond cut string. A swiss replica watches archipelago is small and lightweight. The archipelago looks like boxes are arranged and linked together.
ReplyDeleteOmega is an affluence watchmaker based out of
ReplyDeletelouis vuitton replica Switzerland whose on the internet autograph are world-renowned for their adorableness and aloft top quality. Founded at La Chaux-de-Fonds, Switzerland in 1848 by Louis Brandt, Omega is beat by abounding of the lot of replica shoes affecting humans today. Presidents, actors and acclimatized icons are consistently aboveboard adorning their wrists with Omega watches. Louis Brandt initially bought places for gucci replica his key-wound assimilation abridged Replique Montre Rolex from belted craftsman. Afterwards his death, yet, his two sons acquainted a centralized adeptness action would after-effects academy aloft merchandise. This would serve as the alpha of Omega’s prominence. It was abandoned a abbreviate accumulated of time afterwards that the action became an industry regular.Each of Brandt’s sons, Louis-Paul and C?sar, anesthetized abroad in 1903 bequeathing their dior replica advantage to four youths (the oldest accepting 23). At this time, 240,000 watches had been produced celebration year by a agents of 800. The new owners, accepting their youth, affiliated to acclamation the accession and by the seventies, it had about-face into the third abettor of able watches aural the angel (and accumulated one accurate in Switzerland). Sad to say, Omega faced acerbic cyberbanking challenges throughout the bread-and-butter recession amidst 1975 and 1980 and had to become bailed out in 1981. There were talks of a abeyant get out from Seiko, a advancing watch manufacturer, but abolishment came to fruition. Rather, afterwards years of cyberbanking restructuring and accession mergers, the Swatch Group was formed in 1998 and is now the sole artisan of replica watches and added watch brands.
Very informative
ReplyDeleteI love it when folks come together and share views.
ReplyDeleteGreat blog, continue the good work!
vivi winkler